Gold price drops yet again

<p>A rough patch for the commodity is no closer to an end.</p>

The price of gold was down again yesterday (April 3rd) as investors shied away from the precious metal.

It value dropped another $25 (£16.50) on Wednesday and is now closing in on a new 52-week low for the commodity, reports Mining.com.

Gold has now lost 7.4 per cent of its value from the start of the year and is not far away from the 52-week low of $1,535 set in May.

In afternoon trade yesterday, gold was down 1.6 per cent and being sold for $1,550 an ounce, which is the sort of levels that have not seen since June last year.

Strategists at Societe Generale suggested earlier in the week that the price of gold could be set to drop by as much as 15 per cent by the end of the year.

Patrick Legland wrote in a research note that this does not compare favourably with the Bloomberg consensus forecast of $1,752 per ounce by the end of 2013.

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